Cheap Reno Foreclosed Homes for Sale

Buying foreclosed homes in Reno is the best way to invest in affordable properties in your area. Regardless of the type of property you are looking for, our Reno foreclosure listings will help both first time home buyers and real estate experts find the ideal property. Explore our database today and find amazing foreclosed properties for sale in Reno, NV.

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Buy Foreclosure Houses, Apartments & Condos in Reno

ForeclosureDeals offers a solid database of Reno bank owned foreclosure homes and Reno government foreclosed homes for sale from federal agencies such as: HUD, VA, FHA, Freddie Mac, Fannie Mae, USDA. These Reno repossessed homes can be found in a number of ways, such as pre foreclosures, short sales, foreclosure auctions, flipping homes, bankruptcies and home foreclosures for sale in Reno, NV. Our up-to-date real estate foreclosure listings in Reno offers cheap distressed properties for buying & investing, in a great variety of properties like commercial & residential, multi & single family homes, lands, condos and apartment foreclosures in Reno area.

About Foreclosed Homes in Reno, NV

Reno or "the biggest little city in the world" is well known for its casinos and it is the fourth most populous city in Nevada. Its citizens enjoy a dazzling night life and many businesses cater to its high energy entertainment style. The city of Reno is also well known for its famous art clubs and theaters which host a plethora of enjoyable events. Those who are interested in investing in various forms of real estate (including plenty of cheap foreclosure homes that are up for sale) in Reno will definitely reap rich dividends in the form of high return on investment and an equally high standard of living. Take advantage of these opportunities and start searching for foreclosed homes for sale in Reno, NV now!

Reno - Real Estate in The Biggest Little City in the World

Real estate investors do not have to travel solely to major metropolitan areas in order to find premium American real estate with upside potential. Plenty of smaller cities scattered throughout the country contain prime locations for investment due to the features that make them attractive to home-hunters of all walks of life - such as employment opportunities, strong economies, promising growth, and stable living environments.

Reno, Nevada - The Biggest Little City in the World - is an example of a smaller metro area (400,000 people) that still offers big-city amenities and attractions. Located virtually on the border with California, only a short 3.5-hour drive from San Francisco, Reno is known as a capital of gambling and entertainment in the West and has developed a reputation for casinos, shows, outdoor recreation, and tourism. The American gambling industry was virtually born in Reno; since then, the city has also grown to accommodate outdoor recreation enthusiasts who flock to the city for skiing, kayaking, and other winter and summer pastimes. Additionally, Reno is headquarters for several corporations and has a presence in manufacturing and logistics.

Reno has a lot to offer, which is why real estate investors should take notice.

Median Home Values

Median home prices in the Reno area typically hover around $138,000. This value is generally higher than similarly-sized cities, particularly those with similar tourism-based economies (like locations in Florida). In terms of value per square feet, Reno comes in at around $88, with a high of $108 in the southwest part of the metro area and a low of $52 in the northeast part of the area.

Regarding foreclosures, Reno reports a foreclosure rate of 21.33 per one thousand homes - a rate that is much higher than the national average and in line with the fact that Nevada consistently has one of the highest foreclosure rates in the country.

Best Areas for Investment

Great places to live in any city are usually centrally located, devoid of heavy amounts of foreclosure properties, and relatively stable when it comes to price. Based off these metrics, some of the best areas and neighborhoods in the Reno metropolitan area include Arrowcreek, Caughlin, Hidden Valley, Lawton, Montreaux, Northwest Reno, Sattlehorn, Sparks, Verdi-Mogul, Ward 1, Ward 3, and West University.

Montreux in particular is outside of the main city, but is closer to Lake Tahoe, Lake Tahoe State Park, and other popular recreational destinations that make it very attractive for investment potential. New Washoe City is another location that is built on the shores of Washoe Lake.

Nevada's Foreclosure Process

Nevada uses both the judicial foreclosure process and the non-judicial foreclosure process, and both are used fairly regularly. For the non-judicial foreclosure process to occur, the deed of trust must have a Power of Sale clause, so that the trustee, on behalf of the lender, can initiate proceedings. From start to finish, foreclosures in Nevada's pipeline typically take six months. Additionally, every foreclosure case must have a certificate of mediation from the Mediation Administrator's Office, even the borrower chooses not to take the case to mediation. Many do, though, which is why the timeline is a bit longer in this state than in others.